THELOGICALINDIAN - Key Highlights
Litecoin amount is currently attempting a accretion afterwards adverse a lot of affairs pressure, but it may acquisition sellers afresh on the upside about $3.50-52.
Sell Near 100 MA?
Litecoin amount fabricated a minor new low yesterday to barter as low as $3.369 area it begin bids, and started acclimation higher. There are a brace of bullish candles formed on the alternate blueprint (data augment from Bitfinex), highlighting that buyers are authoritative an attack to booty the amount aback higher. However, it won’t be accessible for them to booty the amount aback higher, as there are abounding barriers accumbent on the way up for them. An antecedent attrition is about the 61.8% Fib retracement akin of the aftermost bead from the $3.64 aerial to $3.36 low.
However, the best important attrition is abreast the 100 alternate simple affective boilerplate (data augment from Bitfinex), as it is ancillary with a above bearish trend line. We charge agenda that the aforementioned trend band acted as a advertise breadth and afire a downside acknowledgment abounding times before. So, there is a aerial anticipation that sellers may arise already afresh about the accent trend band and attrition area. Moreover, the 76.4% Fib retracement akin of the aftermost bead from the $3.64 aerial to $3.36 low is additionally ancillary with the 100 MA to act as a solid barrier for buyers for an upside move.
Let us see a acknowledgment about the highlighted trend band and attrition area. If somehow buyers administer to breach it, again it ability accessible the doors for added gains. The abutting akin of absorption in that bearings could be about the $3.60 axis area. There is no abnegation that there are a few indicators suggesting an upside move in the abbreviate term, but buyers charge to watch out abreast the 100 MA and the bearish trend line. The 2-hours blueprint with the abstracts augment from HitBTC is pointing appear the actuality that sellers are in control.
The aftermost few candles were bearish and there was no assurance of buyers. There is an accretion triangle formed on the 2-hours chart, which is acknowledging the amount as of writing. There is a affectionate of agnate bearings on the 2-hours chart, as the 100 simple affective boilerplate is blockage assets and acting as a resistance. The best allotment is the 100 MA is positioned with the 61.8% Fib retracement akin of the aftermost bead from the $3.659 aerial to $3.50 low.
Overall, one may accede affairs abreast the accent trend band and attrition breadth on the alternate blueprint (data augment from Bitfinex).
2-hours MACD – The MACD looks like alteration abruptness from bearish to bullish, but we charge added signs of bulls.
2-hours RSI – The RSI is beneath the 50 level, which is a bearish sign.
Intraday Support Level – $3.45
Intraday Resistance Level – $3.55
Charts from Bitfinex and HitBTC; hosted by Trading View
